KONGSBERG enters into agreement for share buyback for up to NOK 400 million

Under the agreement, Danske Bank will manage the programme and make its own trading decisions independently of, and uninfluenced by, KONGSBERG. Share repurchases will start no earlier than 16
August 2021 and will be finalised no later than 10 February 2022.

The buyback program is carried out in accordance with the Market Abuse
Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) 2016/1052 ("Safe Harbour Regulation"). The execution will depend on market conditions, the programme may be discontinued, and KONGSBERG may terminate the programme before the threshold set out above is reached.

The remaining up to NOK 200 million of shares will be purchased from the
Norwegian state pursuant to an agreement between KONGSBERG and the Ministry of Trade, Industry and Fisheries. According to the agreement the Ministry is committed to participate in a share buyback programme on a proportionate basis so that the Ministry's ownership interest in KONGSBERG of 50.004% remains unchanged. The compensation for the Ministry's shares and the following redemption of these shares is expected to occur in the second quarter 2022.

The buybacks will be made in accordance with the authorisation granted to the Board of Directors by the Annual General Meeting (“AGM”) on 6 May 2021. According to the authorisation, a maximum of 8 million shares, however limited by a total consideration of NOK 400 million, may be purchased at a minimum of NOK 25 and a maximum of NOK 400 per share. The authorisation is valid until the next AGM, albeit not beyond 30 June 2022.

KONGSBERG will seek approval from the 2022 AGM for cancellation of the shares
repurchased under the programme and a corresponding redemption of the
proportionate number of shares owned by the Norwegian state.